The following transactions relate to the General Fund of the City of Butfalo Falls for the year ended December 31, 2020 1 Beginning balances were: Cash, $80.000; Taxes Receivable, $185,000, Accounts Payable, $50,000, and Fund Balance. $215,000 2. The budget was passed Estimated revenues amounted to $1,200,000 and appropriations totaled $1196,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $902,000. All of the taxes are expected to be collected before February 2021 4 Cash receipts totaled $870,000 for property taxes and $275,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $90,000 6. Contracted services were performed relating to $82,000 of the contracts with invoices amounting to $80,000 7. Other expenditures amounted to $950,000 8. Accounts payable were paid in the amount of $1,070,000 9 The books were closed Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund, c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation